The TLC gives Panama access to one of the most stable economies which imports $600 billion of imported products annually.
With sights set on a market with in excess of 30 million consumers and imports of $600 billion, Panama has reached a 95% consensus on the Free Trade Agreement (TLC) with Canada, and has made significant advances in the last round of talks in Ottawa.
According to the Ministry of Commerce and Industries (MICI), both countries endorsed clauses relating to the insurance and maritime sectors, the management of the rules of origin, and the movement of business people and investors between both markets.
This round of talks took place at the end of March and focused on strategic topics for Panama, such as the distribution and marketing sectors of the Colon Free Trade Zone; and the Services Chapter on the maritime services sector.
The head of the MICI negotiating team, Leroy Sheffer, stated that the talks had been an important step in firmly advancing Panamanian interests particularly in terms of maritime services, through a draft agreement ensuring that its rules conform to international rules.
Canada also imports more than $600 billion annually in goods, according to the MICI report entitled “Considerations surrounding the Benefits of a Negotiation for a Trade Agreement between Canada and Panama.
Specifically, Canada is an important consumer of tropical products and seafood (not produced there), which guarantees a continuing demand and desire for these items, especially for Panama, details the report.
Figures from the Comptroller General of the Republic show that Canada occupies 30th place in terms of Panama’s trading partners, with total trade of $53.3 million in 2007. Trade between the two countries has increased considerably in recent years. For example, trade between Panama and Canada in 2006 and 2007 rose from 34.6% to 63.2% respectively.
